Press Review - July 21, 2015

07.21.2015 By Gabriela Stan

Romania, Poland And Italy May Set Up "Bad Banks" To Manage Non-Performing Loans

Italy, Romania and Poland will probably set up bad banks in the upcoming period to help sell off soured property loans, according to a report of real estate consultancy firm Cushman & Wakefield (C&W).

According to C&W Corporate Finance estimations, asset management agencies in Europe hold commercial real estate loans, residential mortgages and foreclosed properties with a face value of about EUR233 billion.

Three such agencies, NAMA (Ireland), UKAR (UK) and SAREB (Spain) hold 91% of this sum, most of them residential mortgages.

 „Romania va infiinta "banci rele", dupa modelul din alte tari europene” (Romania Libera)

 

President Signs Tax Procedure Code And Tax Amnesty Bill Into Law

 Romanian President Klaus Iohannis on Monday signed the Tax Procedure Code and Tax Amnesty bill into law, the president's office said in a statement.

The bill on the Tax Procedure Code was adopted in Parliament on June 24, along with the Tax Code.

Friday, the President refused to sign the new Tax Code into law and sent it back to Parliament for reexamination, calling for a closer look at its implications on the state budget. (Puterea)

 

Chinese Firm Contacts LukOil For Buying Romanian Refinery

A Chinese company contacted Lukoil to start talks on buying the refinery in Romania, but the Russian group declined the offer, according to sources cited by Reuters.

Romanian prosecutors seized some of Lukoil's assets earlier this month, in an investigation on suspicion of money laundering.

According to Reuters, Kajel Holdings Limited, mandated by China Peace Petroleum Group, was interested in starting talks on buying Petrotel refinery in a letter dated March 2015.

A LukOil spokesperson confirmed the company received the letter and added LukOil does not plan to sell the refinery in Romania. (Adevarul)

 

President Klaus Iohannis Signs Controversial Parliamentary Elections Bill Into Law

President Klaus Iohannis has signed the controversial parliamentary elections bill into law although Romanians abroad would be again underrepresented in the future parliament.

Moreover, the new law is ignoring the referendum in 2009, when the electorate asked for a parliament with a single legislative chamber and only 300 MPs. The over three million Romanians abroad will be only represented by four deputies and two senators, like before, although the number of Romanians working abroad has been constantly increasing every year and currently exceeds 500,000 persons. (Evenimentul Zilei)

                                                 

Deputy PM Gabriel Oprea: Rovana Plumb Is The Leader Of The Coalition

Deputy PM Gabriel Oprea stated Monday that Victor Ponta is no longer the leader of the coalition, but Rovana Plumb, adding that he does not know whether Liviu Dragnea will run for the position of interim PSD president.

“Mrs. Rovana Plumb is (…) the leader of this coalition, as PSD is the most important party. I’m saying she is the leader of the coalition as PSD is the main coalition party and it is correct that the leader of this coalition – previously Mr. Ponta, who is only Prime Minister now - is Mrs. Rovana Plumb, interim PSD president. (Adevarul)